Baseline &   1.37*** &   2.26***  &   2.22*** &   2.24*** &   3.14***  \\
& (  0.30 ) & (  0.51 ) & (  0.53 ) & (  0.50 ) & (  0.75 )   \\
\# Obs  & 3944& 3944 & 3818 & 3692 & 3566   \\  \addlinespace \midrule \addlinespace
\multicolumn{6}{l}{\textbf{Panel A: recessions vs expansions}} \\
Recessions &   3.47* &   4.26*  &   4.14* &   3.29** &   6.54  \\
& (  1.97 ) & (  2.49 ) & (  2.16 ) & (  1.39 ) & (  4.94 )   \\
Expansions &   2.01* &   3.22**  &   2.86** &   2.86*** &   4.24**  \\
& (  1.07 ) & (  1.41 ) & (  1.27 ) & (  0.92 ) & (  2.14 )   \\ \addlinespace
HAC Test  &   0.16&   0.42 &   0.27 &   0.63 &   0.46   \\
AR Test  &         0.01&         0.25 &         0.11 &         0.61 &         0.27   \\  \addlinespace \midrule \addlinespace
\multicolumn{6}{l}{\textbf{Panel B: rural vs urban}} \\
Rural &   1.52*** &   2.37***  &   2.31*** &   2.38*** &   3.35***  \\
& (  0.37 ) & (  0.63 ) & (  0.64 ) & (  0.61 ) & (  0.99 )   \\
Urban &   1.21*** &   2.17***  &   1.96*** &   1.95*** &   2.74***  \\
& (  0.38 ) & (  0.68 ) & (  0.68 ) & (  0.63 ) & (  0.92 )   \\ \addlinespace
HAC Test  &   0.52&   0.82 &   0.68 &   0.60 &   0.63   \\
AR Test  &         0.53&         0.82 &         0.68 &         0.60 &         0.62   \\  \addlinespace \midrule \addlinespace
\multicolumn{6}{l}{\textbf{Panel C: rich vs poor}} \\
Rich &   1.24*** &   2.11***  &   2.16*** &   2.09*** &   3.24***  \\
& (  0.43 ) & (  0.76 ) & (  0.79 ) & (  0.76 ) & (  1.15 )   \\ \addlinespace
Poor &   1.45*** &   2.35***  &   2.24*** &   2.35*** &   2.98***  \\
& (  0.33 ) & (  0.60 ) & (  0.61 ) & (  0.58 ) & (  0.79 )   \\
HAC Test  &   0.67&   0.79 &   0.93 &   0.78 &   0.85   \\
AR Test  &         0.68&         0.80 &         0.93 &         0.78 &         0.85   \\  \addlinespace \bottomrule
\multicolumn{6}{l}{\textbf{Panel D: left vs right}} \\
Left &   2.69*** &   3.86***  &   3.76*** &   4.68*** &   5.99***  \\
& (  0.69 ) & (  1.05 ) & (  1.12 ) & (  1.60 ) & (  1.86 )   \\ \addlinespace
Right &  -0.09 &   0.36  &   0.67** &   0.62** &  -0.46  \\
& (  0.20 ) & (  0.30 ) & (  0.33 ) & (  0.31 ) & (  0.50 )   \\
HAC Test  &   0.00&   0.00 &   0.01 &   0.02 &   0.00   \\
AR Test  &         0.00&         0.00 &         0.00 &         0.00 &         0.00   \\  \addlinespace \bottomrule
